New GST Rates: Here’s What’s Cheaper & What’s More Expensive

On the 11th of July, Tuesday, the Goods and Services Tax or GST Council held its 50th meeting. In the meeting, the council made decisions regarding GST and its percentage on various goods and services. Consequently, because of the new GST rates, many goods and services got more expensive and many others got cheaper. Here’s a brief description of everything that has become costly and everything that has become cheaper. Many businesses are upset about the amount of tax imposed on certain services.

What Became More Expensive After The 50th GST Council Meet?

Following are the activities on which the GST has been increased: –

• Casino
• Horse Racing
• Online Gaming

The GST council has decided to levy a 28 per cent tax on these three activities. Many business owners in the industry are upset. According to an article recently published by the Hindustan Times, the CEO of All India Gaming Federation Roland Landers said that the decision to levy such a heavy tax is unconstitutional.

This 28 per cent tax is the highest of all slabs. This is viewed as a major setback to the industries that invest in these areas. Companies like Mobile Premier League and Dream11 will also be impacted.

Also Read: All You Need To Know About The 5% GST Service Charge That’s Applicable On Dine-Ins, Takeaways & Even Deliveries!

New GST Rates: What Became Cheaper?

Following is the list of goods and services that will be cheaper: –

• Extruded snack pallets of the unfried or uncooked variety
• Cancer-fighting drugs
• Fish soluble paste
• Imitation Zari Threads
• Satellite launching services by private organisations
• FSMP or Food for Special Medical Purposes which is used in the treatment of rare diseases.
• Food and beverages in cinema halls
• Medicine for rare diseases

Unlike cinema halls which have a paeGST of 18 per cent, food and beverages will only be taxed 5 per cent. As a special measure, the council decided to exempt medicine for rare diseases, drugs for cancer-related diseases, as well as food that is used for special medical purposes from GST. Finance Minister of India Nirmala Sitharaman announced these updates on Tuesday.

Also Read: From Kareena In Gstaad To Kartik Aryan In Paris, Celebs Are Vacationing At These Scenic Destinations RN!

What do you think about the new GST rates? Let us know in the comments below!

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